{"id":44863,"date":"2019-03-28T13:25:07","date_gmt":"2019-03-28T18:25:07","guid":{"rendered":"https:\/\/olduvai.ca\/?p=44863"},"modified":"2019-03-28T13:25:11","modified_gmt":"2019-03-28T18:25:11","slug":"next-oil-domino-to-fall-mexico-becomes-a-net-oil-importer","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=44863","title":{"rendered":"NEXT OIL DOMINO TO FALL? Mexico Becomes A Net Oil Importer"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/srsroccoreport.com\/next-oil-domino-to-fall-mexico-becomes-a-net-oil-importer\/\">NEXT OIL DOMINO TO FALL? Mexico Becomes A Net Oil Importer<\/a><\/h3>\n\n\n\n<p>While Mexico suffered the bloodiest year of violent deaths in 2018, even bigger trouble may be ahead for the embattled country.&nbsp; For the first time in more than 50 years, Mexico has become a net importer of oil.&nbsp; This is undoubtedly bad news for the Mexican Government as it has relied upon its oil revenues to fund a large percentage of its public spending.<\/p>\n\n\n\n<p>However, it wasn\u2019t always this way.&nbsp; After the discovery of the huge Cantarell Oil Field in the Gulf of Mexico in 1976, Mexico\u2019s oil production surged from 894,000 barrels per day to a peak of 3.8 million barrels per day (mbd) in 2004.&nbsp; That year, Mexico\u2019s net oil exports exceeded 1.8 mbd.<\/p>\n\n\n\n<p><strong>Unfortunately, the downturn of Mexico\u2019s oil production was mainly due to the peak and decline of the Cantarell Oil Field, which topped out at 2.1 mbd in 2004 and is now below 135,000 barrels per day<\/strong>:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/dizgpp7sc1t8t.cloudfront.net\/wp-content\/uploads\/2019\/03\/Cantarell-Oil-Production-2004-2018.png\" alt=\"\" class=\"wp-image-19998\"\/><\/figure>\n\n\n\n<p>With the rapid decline in Cantarell\u2019s oil production, Mexico\u2019s net oil exports also plummeted from 1.8 mbd in 2004 to only 314,000 barrels per day in 2017.&nbsp; However, the situation for Mexico\u2019s net oil exports continued to deteriorate in 2018 as its domestic oil supply fell to a new low at the end of the year.<\/p>\n\n\n\n<p>According to several sources, the BP 2018 Statistical Review, IEA\u2019s OMR Reports, and the EIA\u2019s data on World Oil Production, Mexico became a net oil importer in November 2018:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/dizgpp7sc1t8t.cloudfront.net\/wp-content\/uploads\/2019\/03\/Mexico-Total-Oil-Production-vs-Consumption-DEC-2018.png\" alt=\"\" class=\"wp-image-19996\"\/><\/figure>\n\n\n\n<p>I find it strange that this has not yet been mentioned in the news as it is a very critical factor for the future of Mexico.&nbsp; Now, I would like to qualify that the data I am using is accurate.&nbsp; I found Mexico\u2019s total petroleum production and consumption data from the EIA, the&nbsp;<a href=\"https:\/\/www.eia.gov\/totalenergy\/data\/browser\/?tbl=T11.01B#\/?f=M\"><em><strong>U.S. Energy Information Agency\u2019s World Oil Production Browser<\/strong><\/em><\/a>, the IEA\u2019s,&nbsp;<a href=\"https:\/\/www.iea.org\/oilmarketreport\/reports\/\"><em><strong>the International Energy Agency OMR Reports<\/strong><\/em><\/a>, and&nbsp;<a href=\"https:\/\/www.bp.com\/content\/dam\/bp\/business-sites\/en\/global\/corporate\/pdfs\/energy-economics\/statistical-review\/bp-stats-review-2018-full-report.pdf\"><em><strong>BP\u2019s 2018&nbsp; Statistical Review<\/strong><\/em><\/a>.<\/p>\n\n\n\n<p>&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEXT OIL DOMINO TO FALL? Mexico Becomes A Net Oil Importer While Mexico suffered the bloodiest year of violent deaths in 2018, even bigger trouble may be ahead for the embattled country.&nbsp; For the first time in more than 50 years, Mexico has become a net importer of oil.&nbsp; This is undoubtedly bad news for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[24862,251,4516,517,595,12073],"class_list":["post-44863","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-cantarell-oil-field","tag-eia","tag-energy-information-agency","tag-mexico","tag-oil-production","tag-srsrocco-report"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44863"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44863\/revisions"}],"predecessor-version":[{"id":44864,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44863\/revisions\/44864"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}